BAKU, Azerbaijan, February 19. The European
Commission has approved the acquisition of full control by the
State Oil Company of Azerbaijan (SOCAR) over the Italiana Petroli
S.p.A. and MIP S.p.A. companies (together Italiana Petroli),
Trend reports via
the commission.
The decision was made in accordance with the European Union (EU)
Merger Regulation.
SOCAR acquires 99.82% of the shares of Italiana Petroli from API
Holding. The transaction mainly covers the supply of crude oil and
petroleum products.
As a result of the investigation, the European Commission noted
that this operation won't negatively affect the competitive
environment. Given the limited market positions of the companies,
the transaction was assessed within the framework of the simplified
merger investigation procedure.
The decision further strengthens SOCAR's position in the Italian
market.
On September 23, 2025, SOCAR signed a tripartite share purchase
agreement with Italiana Petroli S.p.A. and MIP S.p.A. in Baku
during the second day of the 1st Azerbaijan International
Investment Forum.
The agreement was signed by SOCAR President Rovshan Najaf and
Chairman of the Board of Italiana Petroli S.p.A. Ugo Brachetti
Peretti.
Meanwhile, the deal holds significant importance for deepening
international cooperation in Azerbaijan’s energy sector and for
expanding SOCAR’s strategic partnerships.
In an interview with Trend, Peretti said that Azerbaijan and SOCAR have the
potential to attract new investments, modern approaches, and
valuable experience to both Azerbaijan and Italy.
Peretti also expressed satisfaction with the collaboration with
Azerbaijan.
"Azerbaijan is one of the key countries in the region, with
significant credibility and influence in this sector. We are very
pleased to establish this cooperation with Azerbaijan," he
added.
Stay up-to-date with more news on Trend News
Agency's WhatsApp channel
